1st NLC Launches Alt-A Jumbo Program

First NLC Financial Services, Deerfield Beach, Fla., has launched its Black Label Mortgage Program, a new division that provides alternative-A jumbo loans to high-net-worth clients of financial institutions.Jeffrey Henschel, president of First NLC, said the company's institutional clients "appreciate the confidentiality shown to their clientele. Because we make only mortgages, they never have to worry about our competing for their clients' other financial services business." Philip A. Pike and Rick Meli are the managing directors for Black Label. The new unit offers full, stated, and no-document loans up to $5 million. There are adjustable-rate loans indexed to the London interbank offered rate and fixed-rate products with an interest-only option on all offerings.